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On March 21, Liberty Bank, headquartered in Middletown, Connecticut and SBT Bancorp, Inc., headquartered in Simsbury, Connecticut (SBTB) announced that they have entered into a definitive agreement for the merger of SBT Bancorp, Inc. and The Simsbury Bank & Trust Company with and into Liberty Bank. Day Pitney LLP represented SBTB in connection with this transaction.
Under terms of the agreement, upon completion of the merger, each shareholder of SBT Bancorp, Inc. will receive $51.32 per share in cash, giving the transaction a value of approximately $71 million. The agreement has been unanimously approved by the Boards of Liberty Bank, SBT Bancorp, Inc. and The Simsbury Bank & Trust Company.
The Day Pitney team representing SBTB was led by Robert M. Taylor III and included David Doyle and Christopher Rogers.
The press release can be viewed here.
